Crypto Experts Weigh In if Bitcoin (BTC) Price Bottom Is In, What’s the Verdict?
In December 2018, Bitcoin hit its yearly low at $3,200. A severe hit from $6k, this has the flagship cryptocurrency down about 84 percent from its all-time high of $20,000, a year back in December 2017.
A hit like this has many to believe that Bitcoin has finally hit its bottom while many didn’t. Some were calling out for an even more serious drop such us to below $3k or even below $2k.
So, does it mean the Bitcoin bottom is finally in?
Experts of the crypto industry have taken a poll and shared their numbers for how much is it really in and according to the majority of these experts bears seems to have bitten the dust, after all.
— Cryptofam Dan (@CryptoFamDan) April 23, 2019
Recently, in a live-streamed call of six-hours, eight crypto market analysts, traders, and investors participated in Tone Vays’ Youtube channel.
If seen from the historical point of view as the current bear market resembles 2015’s bear market, the long-term bottom has been established by BTC in the low $3,000s. Moreover, as trader Mr. Anderson says, throughout the history of the top cryptocurrency, in bull cycles, it’s daily chart has seen the Relative Strength Index (RSI) at near or above 85.
Based on the data from the Bitcoin blockchain, Willy Woo (95%), Tuur Demeester (80%), and Adaptive Capital’s Murad Mahmudov (75%) believes the bottom is in. According to them, Bitcoin is looking strong fundamentally while other factors such as Network Value to Transactions (NVT), and fees among others are strong and bullish.
Others that believe the bottom to the most part is surely in are investor and entrepreneur Alistair Milne (91%), trader WhalePanda (90%), Nick Carter (85%), Travis Kling (85%), Fundstrat’s Tom Lee (80%), Anthony Pompliano (75%), David Puell (70%), and Carpe Noctom (69%).
Notable comments:@jespow – Bottom is never in. Everything can go to 0.@PeterLBrandt – 50% chance BTC goes to $50k. 25% chance we establish a very prolonged broad trading range for several years. 25% chance we go to basically zero.
Thanks to all that participated.
— Willy Woo (@woonomic) April 22, 2019
When it comes to technicals, per the long term technical trends, Bitcoin can easily fall lower than $3k. Tyler Jenks (20%), Venzen Khaosan (39%), and Tone Vays (40%) are in support of this.
According to Hyperwave analysis, if Bitcoin finishes its Hyperwave that is ongoing and predicted the $20k rally as well, could see BTC falling to as low as $1,000s. Some analysts have even bet that the leading cryptocurrency would be hitting $1,500 before it goes to $6,500.
Others that say another serious drop is still on the table include Peter Brandt (50%), Vinny Lingham (30%), and Lucid Investment (20%).
The majority leans to Bitcoin bottom being in, however, it is yet to be known which side comes out to be right!
Live Bitcoin (BTC) Price:
1 BTC/USD =$48,940.5330 change ~ 5.81%